Not going broke in retirement – that sounds like a good plan to me! So this week on the podcast, we’ll hear from the author of a new book outlining the instructions for meeting that goal.
Steve Vernon is an actuary by background, and he worked for years as a consultant to large corporate retirement plans before starting his own consumer retirement education firm. He is the author of six books on retirement planning, and also spends part of his time doing research at the Stanford Center on Longevity.
Steve’s latest book is Don’t Go Broke in Retirement – A Simple Plan to Build Lifetime Retirement Income.
Steve writes that there are five essential decisions to make about your retirement plan:
- When to retire
- Whether to work part time after you do retire
- When to start your Social Security benefits
- How to deploy your savings in retirement
- How to protect retirement income from a financial crisis.
These decisions are essential now, as we move through the severe recession induced by the pandemic, and I quizzed Steve about how to think about these five guideposts during the current emergency.